Many Texas residents believe that having a will in place is all they need to protect their estates. While a will can do a fine job at making a person’s wishes known, it doesn’t offer the same protection as a full estate plan. How are the two different?
A will is…
A will is a legally binding document in which a person can name beneficiaries, provide instructions for the division of assets, layout instructions for the care of minor children or adult children with disabilities, name an executor and state any wishes for funeral proceedings — among various other things. It can be highly detailed or short and to the point. It is wise to at least have a will, so when one dies, the estate will be closed out according to one’s wishes, not state intestate laws.
An estate plan is…
An estate plan may include a will, but it involves so much more. It provides instruction and protection of a person’s estate not only in the event of their death but also in the event of their incapacitation. Common items included in an estate plan include:
- Powers of attorney
- Will
- Advance directives
- Trusts
In other words, an estate plan covers so much more than a will. While a little more complex to put together, it is comprehensive and offers the protections most people want and need for themselves and their loved ones. It is worth the time and effort putting a full plan together. Texas residents who would like to learn more about wills and estate plans can turn to an experienced attorney for guidance and assistance in creating the estate planning documents they feel best fit their circumstances.
